The term start up you may have come across a number of times, in simple terms start up are such businesses or companies which are just starting up or in the initial phase of development. These can be owned or started by one entrepreneur or multiple.
In the modern world, The failure rate of startups is 90%, and 10% of these businesses do not even survive the first year. In a competitive market, innovation might be the best way to set yourself apart, as there are millions of startups, and in this fast-paced ecosystem, innovation might be the most significant part for survival and growth. One cannot only rely on the public liking the product but also tracking competition and the technology.
There are thousands of startups coming up with more and more better technologies and better services. The competitive environment is the biggest concern apart from staying relevant.
Why it’s so critical?
Well, there is the obvious answer of getting an edge over the competition and having a lead in the market. While this also enables the consumer and the market, while new technologies are being introduced, startups should concentrate on the new technologies, as ceasing to function to do so will also result in not only losing the authority in the market but can also result in businesses going bankrupt. The stake is so high that even one step can make you lose everything in the competitive climate.
But innovation does not mean it should be focused on products; only invention can be made in production to overcome challenges. Simply put, it can be in the business model, the production line, or even the hierarchy. Innovation can be made in every aspect of a startup, and it sets you ahead of the curve. Innovation authorizes startups to compete with already established competitors, though it is not straightforward as established businesses have an easier time adapting technologies, so startups need to be resistant. Above all, the thing which is superior in the list of to do is, customer satisfaction should be put first as startups are generally built through a loyal customer base, having a trustable brand Startups are always the most influential thing to do, and while innovation can promise a lot of things, it is important to be trustworthy and truthful to build the said customer base. Employees are the essences of any startup; they can make or break the startup because they are the ones that make innovations and turn those ideas into reality, therefore employee retention should be a prerogative for talented employees as today’s market is inclining more towards freelancing. It is reasonably for the startup to have more employee retention.
reference
Guest. (2018, February 22). 6 Reasons Why Startups And Innovation Make The Ideal Allies! Trak.in – Indian Business of Tech, Mobile & Startups. https://trak.in/tags/business/2018/02/22/startups-and-innovation-make-ideal-allies/
Grant, M. (2022). What a Startup Is and What’s Involved in Getting One Off the Ground. Investopedia. https://www.investopedia.com/terms/s/startup.asp
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